Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹25.00 lakh on Punjab and Sind Bank by order dated July 02, 2021. The action was taken for non-compliance with certain provisions of RBI’s directions on 'Cyber Security Framework in Banks' dated June 2, 2016. RBI said the bank had reported cyber incidents in May 2020, and subsequent examination of the incident reports and forensic analysis revealed non-compliance. After issuing a show-cause notice and considering the bank’s reply, oral submissions, and additional clarifications/documents, RBI concluded that the substantiated breaches warranted a monetary penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 25.0 L
- Entity Type
- Bank
- Action Type